News
Newsfeed
News
Thursday
October 06
USD
405.7
EUR
402.62
RUB
6.8
Show news feed

 OPEC countries are not involved in the rise in gas and oil prices, the problem lies in the lack of investment in the oil and gas industry, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), representative of Kuwait Haitham Al-Ghais told CNBC.

“OPEC is not behind this price increase,” Al-Ghais told CNBC. 

He added: “There are other factors beyond OPEC that are really behind the spike we have seen in gas (and) in oil. And again, I think in a nutshell, for me, it is underinvestment — chronic underinvestment.”

“This is the harsh reality that people have to wake up to, and policymakers have to wake up to. Once that is realized, I think then we can start to think of a solution here. And the solution is very clear. OPEC has a solution: invest, invest, invest,” Al-Ghais said.

!
This text available in   Հայերեն and Русский
Print
Read more:
All